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Business Incubation Program Guidelines <br /> Goal: To encourage the creation and support of new for-profit businesses which maintain and <br /> enhance a sustainable and diverse business climate within the city of Elk River's <br /> business/commercial districts. Further, this program seeks to provide business owners <br /> with education and tools to increase opportunities for long-term success while filling <br /> currently vacant commercial properties in the community. <br /> For the purposes of this program, a nen business may include a business that had been previously operating <br /> out of a residence. <br /> Funding &Timeline: $ has been set aside for the funding of this program. <br /> The program will run until funds are depleted or until cancellation by the EDA <br /> whichever occurs first. <br /> Assistance: Business owners may receive rent assistance to locate new businesses into vacant <br /> properties within the city. Rent assistance will be provided at decreasing amounts for a <br /> total period of 18 months in accordance with the following schedule: <br /> 1. Months 1-6: 50% subsidy or $830/month maximum (whichever is less) <br /> 2. Months 7-12: 33% subsidy or $560/month maximum (whichever is less) <br /> 3. Months 13-18: 17% subsidy or $275/month maximum (whichever is less) <br /> Business owners admitted to the program will also receive educational assistance in the <br /> form of 90 minute classes on each of the core competencies outlined below: <br /> 1. Business Planning and Financial Projections (Prerequisite for thisprogram) <br /> 2. Market Research <br /> 3. Pricing and Inventory <br /> 4. Marketing Strategies <br /> 5. Customer Service and Business Etiquette <br /> 6. Online Marketing—Websites and Social Media <br /> 7. Basic Bookkeeping <br /> 8. Legal Considerations for Small Businesses (incl. liability,insurance, taxes, <br /> incorporation,etc.) <br /> Business owners admitted to the program will be provided assistance with incurred issues <br /> or questions in the following ways: <br /> 1. Quarterly meetings (with open financials) with the EDA's Economic <br /> Development staff and an assigned representative of the Small Business <br /> Development Center (SBDC). Additional meetings may be scheduled as <br /> necessary and/or desired. <br /> 2. Access to Small Business Development Center consultation and resources. <br /> 3. Online forum/group for open questions and discussion with other program <br />